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प्रश्न
The closing balance of this account shows surplus/deficit ______.
विकल्प
Profit & Loss Account
Receipts & Payments Account
Balance Sheet
Income & Expenditure Account
उत्तर
The closing balance of this account shows surplus/deficit income & Expenditure Account.
Explanation:
Non-profit clubs and societies utilise the Income & Expenditure account to track income and expenses. During a set length of time, usually a financial year. This account's ending balance shows whether there is a surplus (if income exceeds expenditure) or a deficit (if expenditure exceeds income) for the given time.
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संबंधित प्रश्न
Justify either for or against by giving a reason for the following statement. ‘Income and Expenditure account shows the opening and closing balances of cash in hand and cash at bank.’
______ depicts the Capital fund of the organization.
______ account is prepared to ascertain surplus or deficit at the end of an accounting year.
How is Receipts & Payments Account different from Income & Expenditure Account?
It is a summary of all incomes and expenses of the current accounting year. It is prepared to know the surplus or deficit during the accounting year.
It contains only revenue items.
If the total of ______ side is greater than the total of ______ side, it is called 'surplus' or 'excess of income over expenditure'.
Explain the term deficit in Income and Expenditure Account.
State any one point of difference between Receipt and Payment account and Income and Expenditure Account.
What is Income and Expenditure Account?
